5 things to know before the stock market opens Friday, February 18

Here are the most important news, trends and analysis that investors need to start their trading day:

U.S. stock futures were little changed Friday, one day after the Dow Jones Industrial Average posted its worst session of the year, slumping 622 points or 1.8%. The S&P 500 and the Nasdaq on Thursday sank 2.1% and 2.9%, respectively. The stock sell-off on concerns about the Russia-Ukraine situation put the S&P 500 close to correction territory, not quite down 10% or more from January’s record highs. The Nasdaq sank further into a correction, down roughly 15% from November’s highs. The Dow was down around 7% from January’s highs. All three stock benchmarks were lower for the week heading into Friday’s open.

Heightened tensions between Russia and Ukraine left investors confused and dumping risky assets and rotating into the perceived safety of bonds Thursday and Friday. The 10-year Treasury yield, which moves inversely to price, continued to move lower to around 1.94%. While watching geopolitical developments, traders remain concerned about surging inflation and how the Federal Reserve plans to fight it. St. Louis Fed President James Bullard cautioned that without interest rates hikes, inflation could become an even more serious problem. Bullard has called for a full percentage point in rate increases by July.

Moscow announced massive drills by its nuclear forces Friday amid soaring East-West tensions, as the U.S. issued some of its starkest, most detailed warnings yet about how a Russian invasion of Ukraine might unfold. President Joe Biden sounded unusually dire a day earlier, as he warned that Washington saw no signs of a promised Russian withdrawal, but instead observed more troops massing. The U.S. has warned that Russia could use false claims, including assertions about the conflict in eastern Ukraine, as a pretext for an invasion. Meanwhile, the Ukrainian government and Russian state-controlled media were exchanging fresh accusations of cease-fire violations.

Virgin Galactic said Friday that venture investor Chamath Palihapitiya would step down from his roles as chairman and board member of the spaceflight company to focus on other corporate commitments. Last year, Palihapitiya confirmed he freed up some capital by selling Virgin Galactic shares. Virgin Galactic was up slightly in the premarket but closed down 10% in the prior session. The stock, which…